Alibaba-backed Lazada to buy Singapore online grocer RedMart

Reuters

Reuters

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SINGAPORE (Reuters) - Lazada Group, a southeast Asian e-commerce company backed by Alibaba Group Holding Ltd, agreed to buy Singapore-based online grocer RedMart, the two companies said in a statement on Wednesday.

The statement did not disclose the value of the deal, which is expected to be completed in the current quarter.

Led by its current management, RedMart will continue to operate independently after the transaction, they said.